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Open Firmer But Bearish Threat Remains

GILTS

Gilt futures are +32 at 98.60, with wider core FI markets a touch higher on the day.

  • Despite the higher open and gains across the first hour of trade, the bear threat remains given yesterday's weakness. Nonetheless, first support remains some way off at 99.37 (April 4 high).
  • Today’s domestic calendar is headlined by a GBP2.25bln tap of the 4.75% Oct-43 Gilt. When last issued on March 19, this Gilt attracted a 3.41x bid-to-cover ratio for the GBP2.0bln issued.
  • Overnight, like-for-like sales in the March BRC shop-sales index rose 3.2% Y/Y (vs 1.0% prior), but failed to move markets given the increase was driven by the early Easter weekend.
  • There is no other domestic data or BoE speakers scheduled, with focus on cross-border risk events later in the week (US CPI/PPI and the ECB rate decision).

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